TSX Venture Exchange symbol FNR
SASKATOON, Aug. 25, 2011 /CNW/ - 49 North Resources Inc. ("FNR") of 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan announces that in connection with the closing of a private placement offering by Olympic Resources Ltd. ("Olympic") on August 23, 2011, FNR acquired ownership of an aggregate 4,000,000 common shares of Olympic (representing 19.76% of Olympic's outstanding common shares).
In connection with the subscriptions for securities, FNR and Olympic entered into a subscription agreement providing for the issuance of 4,000,000 common shares for $0.095 per share.
FNR acquired the securities for investment purposes. FNR may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional common shares or other securities of Olympic or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.
The subscription for units was carried out in accordance with and in reliance on the "accredited investor" exemption in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions which has been adopted by the securities regulatory authorities in all Provinces of Canada and which exempts the issue of such securities from the registration and prospectus requirements of applicable securities law.
A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.